Medical Devices Acquisitions in Minnesota

SK Capital Partners has completed the acquisition of LISI Group's Medical division and launched the business as Precera Medical, a precision medical device CDMO headquartered in Big Lake, Minnesota. LISI Group retained a minority stake; SK Capital plans to invest in capacity and capabilities and pursue organic growth and M&A to expand the new platform's service offerings to global medical device OEMs.

HistoSonics, a University of Michigan spin-out developer of the Edison Histotripsy System, sold a majority stake to a consortium led by K5 Global, Bezos Expeditions and Wellington Management in a transaction valuing the company at $2.25 billion. Other investors included Alpha JWC Ventures, Alpha Wave Ventures and Johnson & Johnson’s JJDC; proceeds will be used to accelerate clinical programs and expand the company’s indications and commercial rollout (CEO Mike Blue will become chairman).

Medical Manufacturing Technologies (MMT), a portfolio company of Arcline Investment Management, has acquired Mayer Engineering, the maker of the FEPeeler line of heat-shrink removal and braided catheter cutting tooling. The add-on deal expands MMT’s catheter manufacturing tooling and cutting capabilities to improve production efficiency, safety, and throughput for medical device customers.

Grovecourt Capital Partners, a West Palm Beach, Florida-based private equity firm, has acquired IMRIS Imaging, Inc., the Chaska, Minnesota-headquartered provider of intraoperative MRI suites. Financial terms were not disclosed; Grovecourt said it will partner with IMRIS management to expand the company's product and service offerings and pursue new intraoperative applications.

Smith & Nephew has completed the acquisition of US-based Integrity Orthopaedics for up to $450 million, comprising an initial $225 million cash payment and up to $225 million in performance‑based payments over five years. The deal adds Integrity's FDA‑cleared Tendon Seam rotator cuff repair system to Smith & Nephew's sports medicine and shoulder portfolio to expand capabilities and accelerate growth under its RISE strategy.

RTI Surgical, a Montagu-backed CDMO, has agreed to acquire Collagen Solutions, a global supplier of engineered medical-grade collagen and xenograft tissue, expanding RTI's soft-tissue biomaterials capabilities. The acquisition broadens RTI's access to high-growth therapeutic areas including cardiac, sports medicine and orthopedics, and plastic and reconstructive surgery; Collagen Solutions is headquartered in Eden Prairie, Minnesota with additional sites in the U.K. and New Zealand.

Machine Solutions Inc., a provider of equipment and services to the medical device industry and a platform owned by BW Forsyth Partners, has acquired Alpine Laser LLC, a Minneapolis-based maker of laser processing workstations and development support. The acquisition adds laser processing capabilities to Machine Solutions' portfolio and is the company's ninth acquisition since joining the BW Forsyth Partners family.

inHearing Technology Inc., a wholly‑owned U.S. subsidiary of Huizhou Jinghao Medical Technology Co., Ltd., acquired Intricon's Hearing Health business. The purchase transfers Intricon's hearing‑aid technologies and assets to Jinghao to accelerate vertical integration, strengthen firmware/algorithm capabilities, and support Jinghao's expansion into the OTC hearing‑aid market.

DuPont has completed the $313 million acquisition of Donatelle Plastics Incorporated, a medical device contract manufacturer based in New Brighton, Minnesota. The deal expands DuPont's healthcare and medical device manufacturing capabilities by adding injection molding, liquid silicone rubber processing, precision machining and device assembly expertise to its Electronics & Industrial segment.

Medline has completed the acquisition of Ecolab Inc.'s global surgical solutions business, including the Microtek product lines. The deal transfers nearly 3,500 surgical solutions employees to Medline and expands Medline’s surgical product portfolio and service capabilities while Ecolab divests the business unit.

GTCR, a leading private equity firm, will acquire Surmodics, a Minnesota-based medical device and in vitro diagnostic technologies company, for $43.00 per share in cash, implying an approximate equity value of $627 million. The transaction, unanimously approved by Surmodics' board, is expected to close in the second half of 2024 and will take Surmodics private following customary regulatory and shareholder approvals.

Stereotaxis (NYSE: STXS) entered into a definitive share purchase agreement to acquire Access Point Technologies (APT), a Minnesota-based developer and manufacturer of electrophysiology (EP) diagnostic catheters. The deal consideration is payable in Stereotaxis common stock (upfront plus contingent milestone payments); Stereotaxis said APT is expected to contribute roughly $5 million of revenue in the first year and the acquisition is intended to add catheter development and manufacturing capabilities to accelerate EP and robotic endovascular offerings.

Wytech Industries and affiliate Mountain Manufacturing Technologies, supported by private equity firm Vance Street Capital, purchased the assets of Silvertip & Associates on April 1, 2024. The acquisition creates a strategic precision-grinding division in Blaine/Minneapolis, Minnesota to expand production of medical mandrels and accelerate R&D responsiveness for medical device OEMs and CMOs.

Laborie Medical Technologies has completed the acquisition of Urotronic, a Plymouth, Minnesota-based developer of the Optilume drug‑coated balloon technology for interventional urology. The deal includes an upfront cash payment (net $232 million to Laborie considering its prior minority stake) and up to $345 million in milestone payments, and brings Urotronic and its employees fully into Laborie to expand Laborie's interventional urology product portfolio globally.

Inverness Graham acquired Innovia Medical, a St. Paul-based manufacturer of single-use surgical products and sterile processing systems, from Shore Capital Partners (transaction closed March 31, 2023). Balance Point Capital provided debt and equity financing to support Inverness Graham's acquisition and will partner to support Innovia's organic growth and strategic add-on activity.

Abbott has agreed to acquire Cardiovascular Systems, Inc. (CSI) for $20.00 per share, representing an expected equity value of approximately $890 million. The acquisition adds CSI's orbital atherectomy system and early-stage vascular intervention pipeline to Abbott's vascular device portfolio to expand its capabilities in treating peripheral and coronary artery disease.

Align Capital Partners has completed a recapitalization of Premier Biotech, a Minneapolis-based provider of point-of-care drugs of abuse testing devices and accredited laboratory services. Cascadia Capital served as exclusive financial advisor; Align will partner with management to scale the business, accelerate product development and expand the company's reach across workplace, government and clinical end markets.

Vance Street Capital has completed the acquisition of Innovize, LLC, with Innovize joining Excel Scientific LLC (a platform Vance Street partnered with in 2020) to create a medical and life sciences manufacturing platform. The deal brings complementary materials-conversion and complex manufacturing capabilities for diagnostics, wearables and other MedTech end markets; Innovize's founders John Ledy and Dave Jessen will continue to support the business.

CAIRE Inc., a subsidiary of NGK Spark Plug Co., Ltd., acquired St. Paul–based MGC Diagnostics (MGC), a global maker of non-invasive cardiorespiratory diagnostic systems. The transaction closed on December 28, 2022 and expands CAIRE's clinical diagnostic capabilities and global distribution for pulmonary diagnostic devices, adding MGC's product portfolio and international facilities to CAIRE's offerings.

Los Angeles-based private equity firm Vance Street Capital acquired Mountain Manufacturing Technologies, a Lino Lakes, Minnesota contract manufacturer of precision mandrels and machined components for medical devices. The deal will complement Vance Street's existing portfolio company Wytech Industries by expanding mandrel capabilities and supporting growth in interventional and advanced surgical markets.

Seaway Plastics Engineering, a PE-backed injection-molded components manufacturer, has acquired MME Group, a St. Paul-based contract manufacturer specializing in injection molding, tooling and assembly for FDA-regulated medical and other highly engineered products. The deal, finalized September 30, 2022, expands Seaway's geographic footprint and capabilities and advances its growth strategy under its sponsor, ICG's North American Direct Private Equity team.

Canon Medical Systems USA Inc. signed a definitive agreement to acquire NXC Imaging, a Minneapolis-based distributor and service provider of medical imaging equipment. The acquisition — expected to close in Q3 2022 — will strengthen Canon's sales and service channels across the U.S. Upper Midwest for its diagnostic imaging portfolio.

Altaris Capital Partners completed the acquisition of Intricon Corporation, taking the NASDAQ-listed micromedical contract developer and manufacturer private for $24.25 per share (approximately $241 million fully diluted). The deal will support Intricon’s continued development and scaling of miniature and micromedical components, sub-assemblies and devices for OEM customers across multiple production facilities in the United States and Asia.

Inverness Graham Investments-backed platform VitalPath has acquired Modern Catheter Technologies (ModernCath), a Maplewood, Minnesota-based manufacturer of advanced catheter delivery systems. The add-on expands VitalPath’s precision catheter manufacturing capabilities—adding microcatheter extrusion expertise and neurovascular and electrophysiology market coverage—to scale the platform’s footprint and capabilities.

Medical Manufacturing Technologies (MMT), a portfolio company of Arcline Investment Management, has acquired R&D Engineering from Biomerics to expand its catheter manufacturing and automation technologies. R&D Engineering will continue to operate in Brooklyn Park, Minnesota, and the acquisition strengthens MMT's end-to-end medical device manufacturing solutions; Cowen served as financial advisor to MMT.

Veranex, a global tech-enabled product development services provider backed by Summit Partners, has acquired Worrell, a 46-year-old human-centered design firm focused on healthcare innovation. The acquisition expands Veranex's human-centered design and human factors capabilities and broadens its geographic footprint with Worrell's offices in Minneapolis, Providence, the San Francisco Bay Area, London, and Shanghai.

Arcline Investment Management acquired a controlling stake in Resolution Medical from founders Steve Schmidt and Shawn Patterson, with Culper Capital Partners joining as a minority investor. Resolution Medical, a Minneapolis-based medical device CDMO specializing in complex interventional therapies, will retain its senior leadership while Luke Johnson joins as Executive Chairman as Arcline seeks to build a leading CDMO platform.

EPTAM Precision Solutions, a Frazier Healthcare Partners portfolio company, has acquired Mendell Machine and Manufacturing, a Lakeville, Minnesota-based precision CNC micro-machining firm serving orthopedic, cardiovascular, MIS, and RAS markets. The deal expands EPTAM’s implant manufacturing capabilities and automation expertise, creating a one-stop shop for high-precision metal and plastic medical device components.

ZOLL Medical Corporation, an Asahi Kasei company, acquired Respicardia, Inc., the developer of the implantable remēde® System for treating moderate to severe Central Sleep Apnea (CSA). The acquisition brings Respicardia’s FDA-approved neurostimulation technology and employees into ZOLL’s cardiac and respiratory care portfolio to expand treatment capabilities and global reach.

EssilorLuxottica has signed an agreement to acquire Walman, a U.S.-based network of 35 optical labs and vision-care service hubs headquartered in Minneapolis, Minnesota. The acquisition will expand EssilorLuxottica's lab and service capabilities in the U.S., supporting growth in progressive lenses, anti-reflective coatings and emerging solutions such as myopia management; Walman will continue to operate under its brand.

Inverness Graham-backed Catheter & Medical Design (CMD) acquired VitalDyne Medical, a Cokato, Minnesota-based contract manufacturer, on March 10, 2021. The add-on expands CMD's capabilities with VitalDyne's laser cutting, welding, micro‑machining and finished-device manufacturing to support minimally invasive cardiovascular, neurovascular and structural heart device customers.

Toledo-based NAMSA, a medical-device-focused contract research organization owned by ARCHIMED's MED Platform I, has acquired Minneapolis-based American Preclinical Services (APS). The add-on expands NAMSA's lab, surgical instrumentation and imaging capabilities and increases its footprint in Minnesota; debt financing for the deal was provided by funds managed by Ares Management Corporation.

Altaris Capital Partners has completed a majority recapitalization of Minnetronix Medical, expanding a relationship in place since 2015 when Altaris was a minority investor. The transaction provides Minnetronix — a Saint Paul, Minnesota-based medical device product development and contract manufacturing partner — with capital and partnership support to accelerate its growth and product strategy.

Cirtec Medical Corporation has acquired NovelCath, a vertically integrated manufacturer of catheter delivery systems based in Brooklyn Park, Minnesota. The acquisition expands Cirtec's capabilities in minimally invasive interventional and structural heart device manufacturing and establishes the NovelCath facility as Cirtec's Center of Excellence for Catheters and Delivery Systems.

STERIS completed the acquisition of Key Surgical, a Minnesota-based provider of consumable surgical and sterile-processing products, from private equity owner Water Street Healthcare Partners. The deal expands STERIS's consumables portfolio and global reach by adding Key Surgical's ~8,000-product offering, ~13,000 healthcare customers and approximately $170M in revenue.

Forward Industries (NASDAQ: FORD) acquired substantially all of the assets of Kablooe Design, a Minneapolis-based product design and development firm, in a transaction comprised of cash, equity, assumed debt and contingent earn-outs. The acquisition strengthens Forward's medical product design capabilities and is expected to create cross-fertilization opportunities with its subsidiary Intelligent Product Solutions.

CNL Strategic Capital, LLC has acquired a majority stake in Healthcare Safety Holdings LLC (HSH), a Minnesota-based manufacturer of insulin pen needles, syringes and sharps disposal solutions. The investment adds HSH as the seventh company in CNL Strategic Capital's portfolio and aims to expand the firm's capabilities in diabetes care products and sharps management.

Inverness Graham Investments acquired Catheter & Medical Design, Inc. (CMD), a Roseville, Minnesota-based developer and manufacturer of complex catheters and catheter shafts for interventional and endosurgical applications. Inverness Graham said CMD will serve as a platform investment in the medical device outsourcing market and plans to grow CMD organically and via strategic add-ons; terms were not disclosed.

Altaris Capital Partners has acquired Kindeva Drug Delivery L.P. (formerly 3M Drug Delivery Systems) from 3M Company for $650 million in a corporate carve-out transaction. Monroe Capital provided financing and an equity co-investment to support the deal, and 3M will retain a minority interest alongside Altaris as Kindeva operates independently to pursue growth and capital investments.

ICU Medical, Inc. agreed to acquire Pursuit Vascular, Inc. for $75 million plus a potential earnout, bringing the ClearGuard HD antimicrobial catheter cap into ICU Medical’s consumables portfolio. The acquisition expands ICU Medical’s infection-prevention product offerings and distribution channels (domestic and international); Pursuit Vascular’s 2019 revenue was an estimated $10–12 million.

IPG Photonics Corporation has acquired Innovative Laser Technologies, Inc. (ILT) from Generation Growth Capital Fund II, LP for $40 million in cash. ILT, a Minneapolis-based designer and manufacturer of high-precision laser systems for medical device OEMs, will expand IPG's ability to deliver turnkey laser systems and integrated solutions to the medical device market and other end-user industries.

Cirtec Medical, a portfolio company of Century Park Capital Partners, has acquired Stellar Technologies, Inc., a Brooklyn Park, Minnesota-based precision machining and medical component manufacturer. The acquisition expands Cirtec's manufacturing capabilities—particularly in neuromodulation lead wire assemblies, electro-mechanical devices and delivery systems—and establishes a presence in Minnesota's "Medical Alley."